TORONTO,
Aug. 15, 2013 /PRNewswire/ - U.S.
Silver & Gold Inc. (TSX: USA,
OTCQX: USGIF) ("U.S. Silver & Gold" or the "Company") is
pleased to announce that it now has an over-subscribed book in
respect of its previously announced non-brokered private placement
for proceeds of approximately CDN $5.77 (the "Private Placement").
"This Private Placement was led by a
well-respected strategic investor who has confidence in
management's ability to continue to manage costs and understands
the Company's leverage in a rising silver market." said
Darren Blasutti, President of U.S.
Silver & Gold. "It will strengthen our balance sheet,
which remains a key corporate objective in the current fluctuating
silver price environment. I'm also happy to report that the
placement was over-subscribed and that several members of the Board
and Management are participating."
US Silver & Gold intends to use the proceeds
to continue development of the low capital intensity, high
potential Caladay Zone and for general administrative and corporate
costs.
Closing of the Private Placement is expected to
occur on or about August 22,
2013. The Private Placement and related finder's fee
are subject to certain conditions, including completion of formal
documentation and receipt of regulatory approval, including the
approval of the TSX.
About U.S. Silver & Gold Inc.
U.S. Silver & Gold Inc. is a newly formed silver and gold
mining company focused on growth from its existing asset base and
the execution of targeted accretive acquisitions. It owns and
operates the Galena Mine Complex in the heart of the Silver Valley/Coeur d'Alene Mining District,
Shoshone County, Idaho. It
produces high-grade silver and is the second most prolific silver
mine in U.S. history, delivering over 200 million ounces to date.
The Caladay Zone is being evaluated for bulk mining development.
U.S. Silver & Gold Inc. also owns the Drumlummon Mine
Complex in Lewis and Clark County,
Montana.
For further information please see SEDAR or
www.us-silver.com for the NI 43-101 compliant Technical Report on
the Galena Project dated March 22,
2013.
Cautionary Statement Regarding Forward Looking
Information:
This news release contains "forward‐looking information" within the
meaning of applicable securities laws. Forward‐looking information
includes, but is not limited to, the Company's expectations
intentions, plans, and beliefs with respect to, among other things,
the Galena Complex and the Drumlummon Mine. Often, but not always,
forward‐looking information can be identified by forward‐looking
words such as "anticipate", "believe", "expect", "goal", "plan",
"intend", "estimate", "may", and "will" or similar words suggesting
future outcomes, or other expectations, beliefs, plans, objectives,
assumptions, intentions, or statements about future events or
performance. Forward‐looking information is based on the opinions
and estimates of the Company as of the date at which such
information is provided and is subject to known and unknown risks,
uncertainties, and other factors that may cause the actual results,
level of activity, performance, or achievements of the Company to
be materially different from those expressed or implied by such
forward looking information. This includes the ability to develop
and operate the Galena and Drumlummon properties, risks associated
with the mining industry such as economic factors (including future
commodity prices, currency fluctuations and energy prices), failure
of plant, equipment, processes and transportation services to
operate as anticipated, environmental risks, government regulation,
actual results of current exploration activities, possible
variations in ore grade or recovery rates, permitting timelines,
capital expenditures, reclamation activities, social and political
developments and other risks of the mining industry. Although U.S.
Silver and Gold has attempted to identify important factors that
could cause actual results to differ materially from those
contained in forward‐looking information, there may be other
factors that cause results not to be as anticipated, estimated, or
intended. Readers are cautioned not to place undue reliance on such
information. By its nature, forward‐looking information involves
numerous assumptions, inherent risks and uncertainties, both
general and specific, that contribute to the possibility that the
predictions, forecasts, and projections of various future events
will not occur. The Company undertakes no obligation to update
publicly or otherwise revise any forward‐looking information
whether as a result of new information, future events or other such
factors which affect this information, except as required by
law.
SOURCE U.S. Silver & Gold Inc.